ADP ® DataCloud Platform Adds Benchmarking Capability to Help Employers Evaluate Key Workforce Metrics Against Industry Averages
ADP's benchmarking capability can help businesses fill a gap in the use of analytics in strategic planning that is illustrated by the following*:
- Over the past year (2014), only 15% of senior business leaders surveyed have changed a business decision in response to HR analytics
- More than 40% reported their companies were not ready to address talent and HR analytics
- 86% of companies do not have any analytic capabilities in HR
The new benchmarking feature builds upon the existing analytics and reporting features of the ADP® DataCloud platform. The benchmarking capability provides users with a unique competitive advantage by delivering insight from real, anonymized, up-to-date data across metrics at the industry, location, and company size levels and for thousands of job titles, to help clients evaluate their workforce against other companies in their market space.
"Many companies today are experiencing a war for talent, and business leaders are increasingly relying on HR to provide industry benchmarks to ensure they quickly identify changing market trends," said
"As a healthcare institution located in the very competitive downtown
The next planned features for ADP® DataCloud are a predictive model that will allow a company to identify teams that might be at risk of losing key employees, and data exchange that will help business leaders evaluate workforce metrics combined with other types of enterprise data. This new feature, planned for 2016, would allow business owners to review data -- sales per labor hour, for example -- to help ensure they are making the right business decisions for their people.
"We're looking to help business leaders better manage their most important asset: their people," added Turetsky. "If they have easy access to the right information, they will be able to create a successful, engaging work environment."
*Source: CHRO Quarterly First Quarter 2015; Deloitte 2014
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